New ICC chairman and Indian cricket board's president N. Srinivasan said that a 'controversial shake-up' of the governance and structure of cricket's world body will benefit the game and ensure its financial health

The reforms, which will give more power and money to India, Australia and England, were passed by the International Cricket Council's (ICC) Executive Board in Singapore, although Pakistan and Sri Lanka were the only members of the ten Test nations who abstained from voting.

According to Indian media reports, Srinivasan said that he believes that the reforms are good for cricket overall and also for the financial health of all full, associate and affiliate members, adding that there is meritocracy.

Stating that it is for the entire ICC, and not him alone, to work on convincing Pakistan and Sri Lanka to come on board, Srinivasan, who is the first incumbent of the newly-created post of ICC chairman, defended Cricket South Africa's decision to vote in favour of the revamp despite supporting Sri Lanka and Pakistan in the lead up to the meeting.

Srinivasan, who heads the Board of Control for Cricket in India (BCCI), also denied accusations that the cricket boards of India, Australia and England had formed an oligarchy, which could even veto suggestions made by other members.

In the revamped ICC, India - which contributes 80 percent of global revenues - and fellow powerhouses England and Australia will have permanent seats on a new, five-member executive committee, the report added.